Ex-AOL CEO Steve Case Is on the Hunt for the Next Big Idea
*By Carlo Versano*
Steve Case has been traveling the country in search of the next big thing, and he's eyeing Florida and Puerto Rico for the next leg of his journey.
The former AOL CEO wants to find ー and invest in ー entrepreneurs outside the major coastal tech hub through his [Rise of the Rest](https://www.revolution.com/entity/rotr/) initiative. He told Cheddar Friday that the next big wave of innovation will come from the heartland, and he's putting his money where his mouth is. Rise of the Rest is armed with $150 million in venture capital, and has been to 38 cities so far. Case and his partners will hit four more in Florida before heading to Puerto Rico. In each stop, the seed-stage company that wins a pitch competition receives a $100,000 investment.
Case said he wants to "level the playing field for entrepreneurs everywhere" and shine a spotlight on the innovation in cities beyond Boston, New York, and Silicon Valley, which are home to 75 percent of venture capital funding.
We think of the coasts as breeding grounds for the hottest startups, but that wasn't always the case. As Case noted, some of the most successful companies that came out of the first tech boom ー think Gateway ($GTW), Microsoft ($MSFT), AOL ー didn't get their start in Silicon Valley.
Now, some of the most innovative ideas and disruptive products are being launched in unexpected places, Case said, particularly in fields like healthcare, smart cities, and the food industry.
Rise of the Rest isn't a charity, though. The seed money is coming from a group of prolific investors, Case said, who are investing in anticipation of high returns. Case said he hopes when Rise starts making returns on its investments that more wealth and jobs will spread across the country.
For full interview [click here](https://cheddar.com/videos/why-aol-co-founder-steve-case-is-heading-to-puerto-rico).
Hershey is cautioning on its 2024 profit growth as the company contends with rising cocoa costs, leading to increased prices for chocolate. The company anticipates its full-year earnings per share being relatively flat, partly due to higher cocoa and sugar costs.
Prince Harry has reached an out-of-court settlement with a tabloid newspaper publisher that invaded his privacy with phone hacking and other illegal snooping. Attorney David Sherborne said that Mirror Group Newspapers had agreed to pay Harry’ “substantial” costs and damages.
An attorney representing passengers of an Alaska Airlines flight that lost a door plug in midair says a “whistling sound” was heard on a previous flight of the same Boeing 737 Max 9.
What do Arnold Schwarzenegger, Aubrey Plaza, and Tom Brady all have in common? You'll see them on Super Bowl Sunday, but not on the field. If you only watch the Super Bowl for the ads, here's a sneak peek.
The Federal Communications Commission knows (to loosely quote Drake) "when that [AI robocall] hotline bling, that can only mean one thing" — deception. The agency says bad actors have been using these voices to misinform voters.
David Stryzewski, CEO of Sound Planning Group, breaks down Disney’s latest results, from adding Taylor Swift to building out ESPN, and why Bob Iger’s leadership is crucial.
Kevin Cohee, CEO and chairman of OneUnited Bank, discusses the power of financial literacy and how education and technology can help bridge the racial wealth gap.
